CT Realty Buys in La Mirada; Shea Eyes Techies in Fremont
GK Investments purchased a five-building industrial complex in Anaheim. The San Francisco-based real estate investment firm paid $4.85 million in acquiring the 64,000-square-foot complex.
The five buildings range in size from 11,737 to 23,100 square feet and currently are 100% occupied by Power Plus, a temporary-power service provider. Power Plus already has signed a lease to occupy a 61,143-square-foot building in the Bedrosian Freeway Business Center, also in Anaheim, and will move in the fall.
The vacated industrial complex will then be marketed for single and multi-user industrial tenants.
Edward Grech, the previous owner of the complex, originally used it for his limousine manufacturing company, Krystal Enterprises. Grech has since moved Krystal Enterprises, one of the largest limousine makers in the country, to a 165,000-square-foot facility in Brea
Jeff Chiate and Rick Ellison of Irvine office of Cushman & Wakefield represented GK Investments. Allen Buchanan and Sonya Dopp Grech (wife of Edward Grech) of Lee & Associates-Orange Inc., represented the seller.
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CT Realty Buys in La Mirada
Newport Beach-based CT Realty Corp. bought Gateway La Mirada, a 56,000-square-foot corporate office building in La Mirada. The real estate and development firm paid $4.5 million for the landmark, four-story building. St. Jude Medical Group is the anchor tenant of the property, which is currently 41% occupied.
CT Realty plans to spend more than $1 million on renovations and upgrades to entice prospective tenants, according to Lonnie Nadal, senior vice president of CT Realty.
Greg Herbert and Jeff Hanson of Grubb & Ellis’ Newport Beach office represented both CT Realty and seller City National Bank in the deal. David Giglio and Lonnie Riddle of Grubb & Ellis’ Anaheim office will handle the leasing of the building.
Crown Realty & Development, Newport Beach, has paid $33 million for two properties, one totaling 320,000 square feet in Brea and the other in Colorado Springs, Colo.
In a deal with Irvine-based Legacy Partners, Crown acquired two campus-style Brea office buildings in a deal pegged at $25 million. The smaller of the two-story buildings, which has a total of 89,650 square feet, is leased to the North American headquarters of Perrier, a unit of Nestle USA. The larger building, which has 104,662 square feet, is available for lease. Both structures were recently renovated.
In Colorado Springs, Crown paid $8 million for a126,200-square-foot logistics facility that includes land for future development. The facility is currently leased to Entertainment Publishing Inc., a national distributor of entertainment coupon books that offer discounts on restaurants, movies, sporting events, hotels and other activities.
Deals:
Heitman Holdings acquired a 33,642-square-foot industrial building in Ontario for $1.96 million. Bryan Miller of Lee & Associates-Orange Inc., represented Heitman. Vince Anthony of Commercial Realty Advisors represented the seller, the Brown Family Trust.
RESIDENTIAL
Aliso Viejo-based Shea Properties has acquired a large multi-family property. Shea paid $22.5 million for Fremont Square Apartments in Fremont. The complex, north of Silicon Valley, is geared to technology workers.
Shea Properties plans to invest $2 million to renovate the 151-unit Fremont Square, according to Bill Montgomery, director of acquisitions for Shea.
It will rename the complex Carrington Apartments and aims to complete renovations in February 2002.
“Job growth in the area, combined with a lack of available land for new apartment development, have generated unprecedented rental rates over the past several years,” Montgomery said. “We believe that Fremont Square provides an outstanding opportunity to reposition an exceptionally well-located property within one of the most dynamic marketplaces in the country.”
John Leyvas Jr. of San Leandro-based Moison Investment Co. represented Shea Properties. Keith Suddjian of Cornish & Carey Commercial in Palo Alto represented the seller.
In other news, W. William Gaboury, president of Shea Properties, was named to the board of directors for the Washington, D.C.-based National Multi Housing Council.
Gaboury has held his current position with Shea since 1984. During that tenure, the company’s operating revenue has grown from $17 million to $180 million and Shea Properties’ portfolio now exceeds $1 billion.
JBZ Designs in Playa Vista
Newport Beach-based JBZ Architecture + Planning has designed plans for two projects in the 1,087-acre master-planned community of Playa Vista, located between Marina del Rey and Westchester in Los Angeles.
In the first project, JBZ unveiled designs for Plaza Condominiums, an 85-unit residential community. The units are designed as flats or townhouses and range in size from 900 to 1,742 square feet.
For the second project, Playa Vista 325, JBZ designed a six-story, mixed-use project that includes a concert park, dining and retail.
